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see prices and
quarter of 2020
BY EMILY DAVENPORT
A new report found that rent prices saw a steady
decline in Manhattan over the last three months.
RentHop recently released their rental report for
the second quarter of 2020. According to their fi ndings,
the median rent for a one-bedroom apartment in Manhattan
fell 5% year-over-year. Some neighborhoods that saw
the biggest drops in price were the Flatiron District, which
dropped 10% year-over-year to $4,293; Lincoln Square,
which saw a 9.2% drop to $3,812; and Bowery, which
dropped 9.1% to $3,000.
PHOTO VIA GETTY IMAGES
RentHop attributes the drop in price to the lack of
demand. Certain neighborhoods saw steep declines in
year-over-year demand, such as Tribeca and Chelsea (both
of which saw a 67% drop in demand) and Murray Hill
As a result, renters started to venture out into the outer
boroughs, particularly in Brooklyn in Queens, even though
both boroughs had an 8% dip in terms of lead volume.
Some neighborhoods, however, experienced growing demand,
including Forest Hills (up 39.6%), Crown Heights
(26.1%), and Astoria (10.5%).
According to the study, a private outdoor space has
become the must-have amenity for those looking for an
apartment, growing 59.3% year-over-year. RentHop cites
the interest as being a result of COVID-19.
“According to our renter search data from April 17 to
July 16, 25% of the searches involving private or common
outdoor space, while only 14.6% of the searches included
doorman and 11.2% gym,” the report reads. “While elevator
remained one of the more popular features, the demand
fell by 6.2% when adjusting to listing and lead volumes.”
Read the full report at renthop.com.
Schneps Media July 23, 2020 17